Succession & Estate Planning
Who’s the next bright spark
If it’s your business you built from scratch or if it’s the capital in your estate, passing it on can be a hard choice to make. Succession or Estate planning can help you make the right decisions.
I can offer guidance and show you how to stay involved (if you want). Whoever you decide to hand over your assets to, you’ll still feel in total control of your finances and your legacy
The survival of a business will depend on the development and implementation of a succession plan. This involves the consideration of a number of issues:
Continuation of the business
Development of children’s talents
Preparation of succession
Choice of successor
Transfer of ownership, leadership and control of the business
Adequate retirement income
If you can determine your objectives in advance and start the succession process early, you have a better chance of succeeding.
If your situation is complex in that you have multiple businesses in multiple jurisdictions it is advisable to seek the advice of a lawyer.
You will likely have capital and property at the time of your death and, in some cases, there will be a tax liability associated with this. Although you want your estate to be transferred in accordance with your wishes, you also want to pay as little tax as possible. Therefore, planning has to be done during your lifetime. The main steps in the process include;
Powers of attorney in the event of incapacity
Planned charitable giving
Both you and your spouse should have wills. This is probably one of the most critical elements of your estate-planning strategy, as dying intestate (without a will) can defeat almost all the estate-planning arrangements you have put into place.
If you die intestate, your assets will be distributed to your spouse, children and parents in accordance with the laws of the country you reside. This may produce quite different results from what you would have wanted.